Can I deduct car expenses against my rental income?
Can I deduct my car expenses against my rental property income?
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A. IBRAHIM
Feb 21, 20211 min read
Canada Emergency Business Account (CEBA)
If you have applied and received the first $40K loan (25% forgivable) and/ or the second loan of $20K ($10K forgivable), it is important...
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A. IBRAHIM
Feb 12, 20212 min read
What's new for 2021 tax filing (2020 tax returns)?
Immediate Support for Families with Young Children - The Government proposed to provide, in 2021, four tax-free payments of $300 per...
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A. IBRAHIM
Jan 21, 20211 min read
Home Office Expenses Calculator
To calculate the amount of home office expenses you are allowed to claim, you can use the CRA calculator. https://www.canada.ca/en/revenu...
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A. IBRAHIM
Jan 10, 20213 min read
Change in Use of a Residence - What happens if I Move into my Rental Property, or Start Renting out
Deemed Disposition When there is a change in use of real estate, either from income-producing to personal-use, or from personal-use to...
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A. IBRAHIM
Jan 10, 20212 min read
What’s Different About the 2020 T4?
Due to the Covid-19 pandemic, employment income reported on 2020 T4 slips will be a bit different in 2020. To validate Covid-19 benefits...
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A. IBRAHIM
Jan 10, 20211 min read
How to report CERB payments received on my 2020 tax return?
It is important to note that this benefit is a taxable benefit and CRA did not withhold taxes at source, which means that you will be...
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A. IBRAHIM
Jan 2, 20214 min read
NEW - HOME OFFICE EXPENSES
The Canada Revenue Agency (CRA) has made the home office expenses deduction available to more Canadians and simplified the way in which...
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A. IBRAHIM
Mar 18, 20201 min read
Federal Government Measures to Assist Those Affected by the COVID-19 Crisis
Here is what you need to know about how the Federal Government offered to help those affected by the COVID-19 crisis in relation to 2020...
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A. IBRAHIM
Mar 12, 20202 min read
What to do if I get audited?
Preparing for an Audit Preparing for an audit is much easier than it sounds. If your taxes are indeed accurate, then you have nothing to...
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A. IBRAHIM
Mar 9, 20201 min read
How to calculate HST using Quick Method
The quick method is another accounting option available to help small businesses calculate their net tax for HST purposes. This method...
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A. IBRAHIM
Feb 28, 20203 min read
Sole Proprietorship vs Corporation: Should I Incorporate?
Running your own business can be time consuming, stressful, and above all very expensive. That being said, business owners are able to...
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A. IBRAHIM
Feb 26, 20202 min read
Tax Payer Relief
Cancel or waive penalties or interest CRA may grant relief from penalty or interest when the following types of situations prevent a...
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A. IBRAHIM
Feb 25, 20201 min read
WE HAVE MOVED!
We are excited to inform our clients that we have moved to a new location. We are now located at 899 Bank st, in the Glebe. We also have...
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A. IBRAHIM
Apr 14, 20191 min read
Rental Property - Motor Vehicle Expenses
If you own / manage one or multiple rental properties and you wonder if you can claim motor vehicle expenses as a deduction on your T776,...
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A. IBRAHIM
Jan 7, 20192 min read
Which is Better - TFSA or RRSP?
Every year we receive the same “classic” question from our clients, so which is really better? TFSA or RRSP? The RRSP is better if: The...
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A. IBRAHIM
Jan 6, 20193 min read
Reduce your risk of being audited by the CRA
Any of us may be subject at an audit at one time or another. That being said, there are ways of reducing your chances of being audited....
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A. IBRAHIM
Jan 6, 20192 min read
Can I Deduct Interest Expense on Money Borrowed to Purchase Real Estate?
In general, interest expense which is incurred in order to earn income from business or property is tax deductible. If you have borrowed...
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A. IBRAHIM
Jan 6, 20192 min read
Late Filing Interest & Penalties
Even if you cannot pay your full balance owing on or before April 30, 2018, you can avoid the late-filing penalty by filing your return...
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A. IBRAHIM
Jan 6, 20191 min read
Home Based Business Tax Deductions You Shouldn’t Miss!
Generally, you can deduct expenses for the business use of a work space in your home as long as: The work space is your principal place...
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